Kraken, the cryptocurrency exchange, has announced the expansion of its Kraken Custody services for institutional clients in the United Kingdom and Australia.
According to the official blog post, the expansion into the UK and Australia aims to provide new and existing institutional clients outside the US with a secure digital asset custody product.
The move marks its first international rollout of Kraken Custody after successfully launching in the United States earlier in the year.
Kraken Custody expansion
In the official post, Kraken explains that institutions “require a custody solution that enables them to store, manage, and scale their strategies.”
Speaking with Cointelegraph, Tim Ogilvie, Kraken’s global head of institutional, explained that expanding to the UK and AU was a “natural choice" for Kraken Custody.
“We’ll be looking to expand to more locations such as the European Union, Switzerland, Cayman Islands and British Virgin Islands in the near future."
Kraken Custody is a service provided by Kraken that facilitates storage and access to digital assets for institutions, enabling them to adhere to regulations while entering the crypto market.
Ogilvie explained that "Kraken Custody is protected by protocols” built by the team’s “in-house cybersecurity team.”
“Accounts come with MPC technology and HSMs for key storage and policy enforcements. This means clients have more flexibility and timely access to their assets while benefiting from secure and robust controls.”
Expansion into football
On July 16, Kraken scored a partnership deal with UK football club Tottenham Hotspur to bridge the gap between sports franchises and digital asset platforms.
The collaboration will see the crypto exchange becoming Tottenham Hotspur’s first official crypto and Web3 partner and the official sleeve partner for the club’s men’s and women’s teams.
The club’s chief revenue officer, Ryan Norys, explained that the partnership aims to “drive innovation” for both the team and Kraken, its new crypto exchange partner.
Mt. Gox reimbursement
Also, on July 16, Kraken informed users that the exchange had received reimbursement funds, which would be distributed over seven to fourteen days.
According to Arkham Intelligence data, a transfer of 48,641 Bitcoin (BTC) worth $3.1 billion was flagged as being sent to what the Web3 security firm believed was a Kraken-associated wallet.
As part of the reimbursement process, Kraken has worked closely with Mt. Gox trustees to ensure the recovered funds are distributed appropriately to creditors.